Technically I think we can never retire if we are to cater for the most expensive medical expenses where Insurance may not cover or is limited. Life is priceless or so to speak. So we technically can never retire if we buy-in to this idea regardless of cost. Hence, where do we want to draw the line to be practical for retirement planning ?
I take the time to ponder this morning questions. I am sure there are many scenarios.
1. If we have 2M dollar, do we spend all in order to prolong our lives say for another 6 months ?
2. What-if we survive and need life long care and a burden to family after ?
3. What-if we are young and recover completely ?
4. What-if bed ridden for rest of my life ?
This are real hard questions. No good answer but something to think about.
One key insurance I am happy to pay is hospitalization bills. The cost is not high and reasonable. CPF wise I can max whatever inside complement with Medi-save.
Anything beyond that, maybe I would define certain percentage of my net worth for it. That could an answer. I dunno. Simply Medical condition can be Wills of God. Meantime we try to stay healthy by living healthy. But we are limited by genes and external factors.
Health is important to enjoy the fruits which people tends to neglect. I got a scare a year ago and realize life can be short. Too short. ( "Wife, I want to retire ... really ... 😗 )
Cory
2020-0704
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